Parmeshwar Metal Shares Listed At ₹84.5 on the BSE SME: Premium of 38.52%

On January 9, 2025, the shares of Parmeshwar Metal Limited made a strong debut and were listed at ₹84.5 on the BSE SME platform, indicating a premium of 38.52% as compared to the issue price of ₹61.

About Parmeshwar Metal IPO

The ₹24.74 crore Parmeshwar Metal IPO was opened for subscription from January 2 to January 6, with a price band ranging from ₹57 to ₹61 per equity share.

The IPO recorded an overwhelming response, receiving a massive 607.07 times oversubscription. It received bids for 163.66 crore shares against 26.96 lakh shares on offer. The retail segment was subscribed 597.09 times, while non-institutional investors (NII) placed bids 1,202.83 times over the offer size. The Qualified Institutional Buyers (QIB) category was subscribed 177.32 times during the three-day bidding period.

Use of IPO Proceeds

• The company will use the funds raised from the issue for various purposes, including setting up a new manufacturing facility at Dehgam, Gujarat, to produce bunched copper wire and 1.6 mm copper wire rods.
• Other allocations include upgrading the furnace for enhanced copper melting capacity, meeting working capital requirements, and addressing general corporate expenses.

About Parmeshwar Metal Limited

Founded in August 2016, Parmeshwar Metal Limited specialises in manufacturing copper wires and rods by recycling copper scrap. The company operates a production facility in Dehgam, Gujarat.

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